Short Sale Agent Class Online

If you are an agent working Short Sales now or want to in the future then this Short Sale Class is a must. This is what Wendy Rulnick and Bryant Tutas' students say:

"I had the fortune to be part of your short sale basics webinar. I want to express my gratitude and appreciation to Wendy Rulnick and Broker Bryant sharing their expertise in a conversational setting walking us students through from start to finish of a typical Short Sale transaction. This webinar was filled with materials and information giving the most inexperienced the confidence taking on Short Sales.Having participated in classroom environment, read, studied short sale blogs, information and guidelines in the past; this is by far the best step by step instruction that I have received in my over 10 years experience in real estate. You guys truly are the SuperStars! Thank you, Petra Norris Broker . Lakeland, FL

"I had the honor of participating in the first of a five-part series on Short Sales with Bryant Tutus & Wendy Rulnick and the class was absolutely wonderful!" Debe Maxwell, Realtor, Charlotte, NC"I am very impressed with yours and Wendy's webinars! I learn much better with audio, where I can listen to it repetitively. I have downloaded these webinars, and that is just what i have been doing (listening to it over and over to learn the material). You are making the short sale exceedingly understandable. In my previous office, this stuff was secret like REO's, and only for the "experience seasoned agents" That is why I did not have access to this info, or get to learn this. It was not taught!!!

Thank you so very much for allowing us to participate, share, and learn. I find you both to be extremely knowledgable in this field, and make it tremendously enjoyable! You both are wonderful teachers! I do love all the real short sale experiences that you share with us also. This is an enormous learning experience for me. I also like the "conversation aspect" of this training. It is very informative to have you and Wendy converse, unrehearsed, so that we may learn. Thank you for sharing!" Ginger Moore.

"Thanks for sharing your joint experience in the minefields of Short Sales, the web forum, and all you have done. The webinars have been fantastic. I look forward to sharing with you and the charter members as well. This will be an awesome resource site for all of us as we work through the Short Sale maze. Short sales will be around a long time and there is great opportunity for all. The webinars have been fantastic."Don Duft, Realtor, Virginia

"Today's webinar (Session 5) was the best of all, a great capper to the entire series. Bryant and Wendy impart wisdom, not just process. I'm going to listen to this session again" Judy Chapman, Realtor, Oveido, Florida

Join the www.ShortSaleSuperstar.com site and learn more to sign up for the 8 hours webinar with real-life short sale scenarios.

"Others Can Learn From You"

I recently had a short sale approval for a home in Niceville, Florida. The long and torturous process was with Bank of America. This one took four months, although it was approved just prior to that for another buyer who did not close. All the while, the buyer’s agent, Jimmy, was a consummate professional. Prior to writing the offer he requested the exact terms the seller was looking for. His buyer obliged by submitting a contract with the right title agent, earnest money deposit and timeline. The buyer loved the house and was willing to wait.

Each Friday throughout the process, Jimmy would email me a gentle, "Any updates?" That was it. As the approval deadline loomed, he told me, without fluff, that the buyer was a bit concerned as she needed to be in a house by a certain date.

But no panic button was pressed, no threats, direct or indirect, were aimed my way. He just relayed the facts, in a pleasant and honest manner. As the approval date grew near he waited. He kept his buyer alive.

"Just a few more weeks!", I told him, "We are in Phase II. I have escalated the file!" The negotiator, who had never responded to any of my emails for over two months, suddenly called. "There are just a few more things I need….", he said.

We worked together to satisfy the items the investor required. "I know the approval is approaching soon!" I told Jimmy. It was the truth.

A few days later, I got the happy call from Bank of America. Done deal! Yippee! I emailed Jimmy the good news. In a workmanlike manner, he completed the inspections and got repair estimates for the buyer. We are closing next week. Today I emailed Jimmy what I thought....
"Thank you for being an unbelievable professional. Others can learn from you."

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate

Destin Real Estate Buyer Defaults Buying Short Sale Condo

Why do many Destin Florida real estate buyers "walk" in the middle of a short sale? As a buyer's agent you've worked hard. You've called and emailed your buyers for months, maybe longer. You've shown them dozens of properties, perhaps even written an offer or two that didn't work out. Finally, they get a contract accepted on a short sale. After two months of waiting, they "walk"-- prior to the lender approval timeframes allowed in the contract. They DEFAULT on their contract-- without penalty. Not only have you lost a sale, the buyers have tied up the sellers, the listing agent, the buyer's agent and the lender. By tying up the lender, they clogged the short sale system for other buyers - who are willing to wait for the home they want.

I am prompted to write, because I just received a cancellation demand from a buyer for a waterfront condo in Destin Florida. The buyer's agent emailed me the request for the $3000 deposit to be returned to the buyer. The contract had allowed 30 more days for bank approval, in this case Countrywide. Through frequent communication, the buyer's agent knew written approval was imminent. When I asked why her buyer was trying to cancel, the agent said, "He is tired of waiting and doesn't trust the short sale process." I told the agent that the short sale approval had just been delivered to my email. and we actually had another 30 days to obtain approval per the contract. I told her he would probably "own the gulf-front condo within two to three weeks". She said "he did not care, he had changed his mind, and it didn't matter if the seller or I thought he was ‘loony' or a ‘nut'". And... he still wants his deposit back.
In this case, adequate dates were built into the contract. There was a $3000 deposit and the buyer had already completed his home inspection. But he simply "defaulted". He accepts no contractual obligation because of his default- he feels he is entitled to his full deposit back. The buyers stance will not change even after wasting everyone's time, and putting the sellers on the edge of foreclosure by tying up their condo.

What is the seller's recourse? In Florida, title agents often hold earnest monies. They can only release the deposit when both buyer and seller agree. In this Destin Florida case, the buyer is requesting the release of escrow funds, but the seller will never agree. Thus, the money could forever be tied up without further proceedings. It is unfortunate that many buyers can "walk" without fear of recourse, as most Florida short sale sellers have no means to pursue them.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Real Estate
Short Sale Pre Foreclosure Help.
Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

When is a Contract NOT a Contract?

Is a contract NOT a contract when it is signed by both buyer and seller? Again and again, buyers are walking from short sale offers with no penalty, sometimes encouraged by their selling agents. Here are two emails below from agents in the Destin- Navarre Florida area whose buyers simply backed out of short sale offers after three months of negotiations:

"Yes it is a long time and they do understand the contract but they are not obligated to the contract until the bank responds."

"It was contingent upon the banks acceptance of the offer and the bank did not accept the offer yet. We did not have a contract only an offer. I do not see the need of a letter or a release of contract since there was no contract."

My question to these, and other agents, is, if it is not a contract, what is it? Of course, it is a contract. Contracts have contingencies all the time that require action by third-parties. For example, the buyer's lender must make a decision on the borrower's ability and the value of the home. The buyer's home inspector will provide data on the home's condition. The title agent will determine if there is marketable title. These contingencies do not negate the fact that there is a contract. But any one of these factors can initiate a termination of the "contract".

What steps can listing agents take to ensure their seller is protected from "escape artist" buyers?

1. Require buyer contingencies to be fulfilled without waiting for lender approval, such as home inspection and mortgage application.

2. Require an earnest money deposit (called escrow in some states) upon acceptance by the seller, not upon lender approval.

3. In return for buyer's forthright investment in the contract, place the property "under deposit" in the MLS system.

Until selling agents educate their buyers about the gravity of being in a contract when buying a home, we will continue to see short sale contracts fall apart.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *When is a Contract NOT a Contract?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

"Sly" Short Sale Buyer - A Cautionary Tale

My story takes place in Destin, Florida. I have modified parts ever so slightly to protect identities, but I write this as a cautionary tale for short sale listing agents and short sale sellers.

I received an offer on one of my Destin FL short sale listings. It was a well-done contract with a fair price- $270,000- just slightly low, but in the realm of "workable" for acceptance by the short sale lender, Chase. The selling agent said the buyer was a single school teacher, and he provided a pre-approval letter with the offer. My seller was excited and signed the purchase agreement right away.

The next day, while finalizing my short sale package, the seller called my office with potentially disturbing news. He said his neighbor mentioned to him at the mailbox, that she received an offer on her own identical floorplan short sale home- from the same agent on the very same day, from the same buyer, the "school teacher". The neighbor happened to be a real estate agent.

Concerned, I immediately called the buyer's agent. "Is this the same buyer? Does he really intend to buy two homes? Or is he playing games with my seller's time and my time, waiting to see which offer was accepted and a better deal from the respective short sale lenders? Would he use the ‘as is with right to inspect' clause as an out on buying the house he didn't want? Does he understand both of these properties had to go into ‘pending' status with our Board of Realtors?"
Very dismayed, I got uneasy answers from the buyer's agent. He said with a chuckle "Yes, he would buy both homes if both were accepted. (On a teacher's salary?) Oh, and don't you know, Wendy, that this is what you should do anyway, this will help you out to see what the bank will take. This is how short sales are done", he instructed me. I explained to him that both houses had to go under deposit per our board rules, and if the buyer was really playing games, there would be serious consequences for one of the sellers. I hung up the phone and called the neighbor, the real estate agent. She told me her suspicions were the same as mine, that the buyer was basically using each seller, and that she had unfortunately signed her offer, too. She was going to speak with her attorney. I called my seller, and he said he did not want to proceed with the contract unless the buyer decided "which home" he wanted, and to tell the agent to tear up the other contract, or he might have an ethics violation.

The analysis of this situation is indeed disturbing. The buyer has every right to make an offer on as many properties as he wishes to purchase. He also has a built-in "out" with the inspection clause, and can easily trump up an acceptable defect to nullify any contract. But, is his intent legal, if he cannot perform on all his contracts? This story has yet to be completed. When I left my last message with the selling agent, his voicemail said, "Thank you for calling Josh, your ‘honest' Realtor in Northwest Florida. God bless. "

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Sly Short Sale Buyer - A Cautionary Tale* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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Short Sale Listings: Tips & Tricks

Preparation and organization are some of the keys to a successful Short Sale. This starts with the listing process.

1. Determine if your seller has a legitimate hardship. Some of those are: loss of income, divorce, medical, transfer, job loss, death of breadwinner, etc. Not "I want to move", "I am tired of paying the mortgage" or " The value of my house went down".

2. Very important -ask your seller to contact his lender before you list the property. Why? The lender may have a loan modification or forbearance plan that may help your seller solve his problem. Additionally, the lender may have its own preferred loss mitigation package to send to your seller. Further, a few lenders order an appraisal of the property at the beginning of the Short Sale process. Some examples are: BB&T, First American, and Citi Residential. The early appraisal may be helpful to you in determining a target "net". The challenge of an early appraisal, however, is that the market is still declining in most areas and appraisals don't stay valid for long.

3. If your seller has received foreclosure correspondence from his lender, recommend he contact an attorney. In any event, your seller may want legal advice if he has any concerns about his rights with his mortgagees.

4. After listing the property, prepare your separate Short Sale file in advance. This will save you time when you receive an offer, and keep you organized. It's best to have a separate Short Sale folder, because extraneous information, such as surveys, disclosures, etc. will not be needed to send to the lender.

What is in this file? For each lender, such as first mortgage and junior lien, prepare a set of documents as follows:

Hardship letter
1-2 years tax returns
Financial Worksheet
Listing Agreement
Payoff of other lien if more than one (order immediately after listing)
Letter of Authorization (send to lender immediately after listing)

Use pre-printed labels for every page with appropriate loan number and description of what each page is, e.g. Hardship Letter 877600984

Remember when you actually have a contract you will need to supplement each package with your seller's most recent proof of income and bank statements.

There are many factors that contribute to a successful Short Sale. Preparation and organization are two of them.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin real estate

Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick, Broker and Realtor, specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. She lists and sells homes, condos and townhomes. Wendy has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists.

All Rights Reserved. *Short Sale Listings: Tips & Tricks* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email

Short Sales: For Buyer's Agents

Are you the selling agent in a Short Sale market? Arm yourself with information for a successful transaction:

1. Prepare your buyer by going over steps in Buying Short Sales.
2. Ask the listing agent if he has gathered the information necessary to submit the Short Sale package, including: letter of authorization, financial statement, recent pay stub or last quarter profit and loss, recent bank statement, last year's tax returns, hardship letter, and payoff if more than one lender. If the listing agent has not already done so, prepare the buyer for a longer wait. I would also ask what the hardship is. If the listing agent will divulge that information, it may assist you in determining whether it would be a viable short sale situation. The hardship should be loss of income, medical, divorce, etc. where they might be a reasonable expectation for approval by the lender.
3. Decide with the buyer whether to make the contract effective date, depending on your board of Realtors, the date the seller signs the contract, or the date the offer is finally approved by the seller's lender. The contract effective date is normally the trigger from which other actions are based. For example, if it is customary in your market to conduct inspections within two weeks, your buyer may wish to wait for bank approval before proceeding. Conversely, if the buyer conducts inspections early, that shows strong intent to complete the transaction.
4. Advise the buyer regarding potential valuations of the Short Sale property by the lender. If the buyer is going to make an unreasonable offer that you know may not be approved after several months of waiting, it is better to inform him at the beginning. Look at the property in the eyes of an appraiser. If recent comparable sales don't come close to justifying the buyer's offer, this may not be a transaction worth pursuing, for you, the buyer or the seller.
5. Once the contract is signed by the seller, follow up gently with the listing agent. A call every two weeks to check on the status of the offer with the lender should be enough of a reminder, and should satisfy your buyer's anxiety during the long wait toward approval.

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Sandestin, Santa Rosa Beach, Blue Mountain Beach, Dune Allen, Watercolor, Rosemary Beach, Seaside, Niceville, Bluewater Bay, Freeport, Crestview, Navarre, Fort Walton Beach, Mary Esther, Shalimar and vicinity. Call 1-877-487-9639.

www.ShortSaleForeclosureHelp.com